Solid June jobs report gets tech and consumer stocks jumping

NEW YORK >> U.S. stocks are jumping Friday after the government said hiring grew at a stronger pace in June. Technology companies and consumer-focused firms are making some of the biggest gains. Investors were relieved to see the positive sign on the job market, which came a day after stocks took their biggest loss since mid-May following a disappointing measure of hiring by private companies.

US JOBS: American companies added 222,000 jobs in June, more than analysts had expected, and more people looked for work. The government also raised its estimates of job gains in April and May. However average wage growth remained modest. Bond yields climbed and the dollar got stronger, and consumer-focused companies traded higher.

McDonald’s rose $2.37, or 1.5 percent, to $155.46. Amazon picked up $10.43, or 1.1 percent, to $975.57 and Netflix advanced $3.25, or 2.2 percent, to $149.50.

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Stocks dropped Thursday after ADP, a payroll processor, released a survey that showed sluggish hiring by private businesses. Investors have been worried that rising interest rates in the U.S., and possibly in Europe, will affect economic growth and the end of stimulus measures by the Federal Reserve and European Central Bank could affect stocks, as they have helped support stock markets since the financial crisis in 2008-09.

Friday marks one month since technology stocks went into a swoon. The Nasdaq composite closed at an all-time high June 8 and the S&P 500 technology index reached a 17 year high. But since then the tech index is down 4 percent since then, its worst one-month stretch in a year. Apple has lost 8 percent in that time, while chipmaker Lam Research is down 13 percent and Alphabet, Google’s parent company, is down 8 percent.

Tech is still up 17 percent this year, the biggest gain of the 11 industries in the S&P 500.

OIL: Benchmark U.S. crude oil lost $1.20, or 2.6 percent, to $44.32 a barrel in New York. Brent crude, used to price international oils, fell $1.19, or 2.5 percent, to $46.92 per barrel in London. Analysts said investors are focused on the strong increase in U.S. production in Thursday’s energy supply report. Hess fell $1.39, or 3.2 percent, to $41.44 and Devon Energy gave up 84 cents, or 2.8 percent, to $29.34.

SYNCHING UP? Mobile services company Synchronoss Technologies climbed after it said it will review its options, which could include a sale of the company. Siris Capital Group offered to buy the company in late June for $18 a share. The stock climbed 6 cents, or 3.8 percent, to $16.47.

ENDO OF AN ERA: Drugmaker Endo International said it will take its pain drug Opana ER off the market. A month ago June the Food and Drug Administration asked Endo to stop selling the opioid pain medication because of concerns it’s being abused by too many people. It’s the first time the FDA moved to stop the sale of an opioid pain treatment because of abuse. While Opana wasn’t a big seller for Endo, its stock is down 18 percent since then. After an early loss, it picked up 12 cents, or 1.1 percent, to $11.29 Friday.